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| Formerly | Habib Credit & Exchange Bank Limited |
|---|---|
| Company type | Public |
| PSX: BAFL KSE 100 component KSE 30 component | |
| Industry | Banking |
| Founded | 21 June 1997; 28 years ago (1997-06-21) |
| Headquarters | Karachi,Pakistan |
Key people |
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| Products |
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| Revenue |  Rs. 171.23 billion (US$590 million)[1] (2024) |
| Rs. 83.09 billion (US$290 million)[1] (2024) | |
| Rs. 38.31 billion (US$130 million)[1] (2024) | |
| Total assets | Rs. 3.71 trillion (US$13 billion)[1] (2024) |
| Total equity | Rs. 178.112 billion (US$620 million)[1] (2024) |
| Owner | Abu Dhabi United Group |
Number of employees | 16,400[1] (2024) |
| Website | bankalfalah |
Bank Alfalah Limited (Urdu pronunciation:[bɛŋkal.fə.ˈlaːh]bank-al-fuh-LAH), formerly known asHabib Credit and Exchange Bank, is aPakistanicommercial bank headquartered inKarachi. It is a subsidiary of anEmirati conglomerate,Abu Dhabi United Group.[2]
It is one of the largest private banks inPakistan with a network of more than 890 branches in more than 200 cities acrossPakistan with an international presence inBangladesh,Afghanistan,Bahrain andUAE of 12 branches.[3] The Bank is listed on the Pakistan Stock Exchange.
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The roots of the bank go back to theBank of Credit and Commerce International (BCCI), which had three branches in Pakistan.[4] These were taken over by theState Bank of Pakistan to safeguard consumer interests, under a new identity of Habib Credit and Exchange Bank (HCEB).[2]
In July 1997, the Abu Dhabi Group, led byNahyan bin Mubarak Al Nahyan of Al-Nahyan Group, acquired a 70 percent stake in then Habib Credit & Exchange Bank (HCEB), a subsidiary of state-owned bankHabib Bank Limited.[5] The Privatisation Commission facilitated the sale of 42 million shares on July 7, with the transaction amounting to $40.54 million.[5] Later, it was renamed as Bank Alfalah Limited.[2][6][7][8]
Bank Alfalah was incorporated on 21 June 1997, as a public limited company under the Companies Ordinance 1984. Its banking operations commenced on November 1, 1997. The bank is engaged in commercial banking and related services as defined in the Banking Companies Ordinance, 1962.[9]
In 2004, Bank Alfalah was listed on theKarachi Stock Exchange, following aninitial public offering at a strike price of PKR 30 per share.[10]
Bank Alfalah was named in the FinCEN leak, published byBuzzfeed News and theInternational Consortium of Investigative Journalists (ICIJ). It had three suspicious transactions flagged for transactions close to 2.5 million dollars of 2 trillion dollars of suspicious payments made globally by banks in 170 countries. The three transactions occurred between 2011-2012.[11]
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